You deposited 1700 dollars in a savings account that earns a simple interest rate of 3% per year. how many years do you need to keep the money in the account to earn $306 in interest

Question

Mathematics

Talan Gross

27 April, 03:34

You deposited 1700 dollars in a savings account that earns a simple interest rate of 3% per year. how many years do you need to keep the money in the account to earn $306 in interest

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Answers (1)

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Macy Hodge · Answer 1

Interest = principle * rate * time

I = PRT

I = 306

P = 1700

R = 3% ... we need it in decimal form = 0.03

now se sub and find T

306 = (1700) (0.03) (T)

306 = 51T

306/51 = T

6 = T ... so it would take 6 years